2.On April 30, Holden Company had an Accounts Receivable balance of $19,600. During the month of May, total credits to Accounts Receivable were $53,600 from customer payments. The May 31 Accounts Receivable balance was $14,600. What was the amount of credit sales during May?
a. $5,000.
b. $48,600.
c. $34,200.
d. $58,600.
e. $53,600.

3.On April 1, a company paid the $2,052 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31? (Round your answer to 1 decimal places.)
a. $2,052.00.
b. $684.00.
c. $1,539.00.
d. $513.00.
e. $57.00.

4.At the beginning of January of the current year, Thomas Law Center’s ledger reflected a normal balance of $52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be:
a. $49,300.
b. $54,300.
c. $2,300.
d. $49,700.
e. $54,700.

5.Stride Along has total assets of $425 million. Its total liabilities are $110 million. Its equity is $315 million. Calculate the debt ratio.
a. 38.6%.
b. 13.5%.
c. 34.9%.
d. 25.9%.
e. 14.9%.

6.The following information is available for the Travis Travel Agency. After closing entries are posted, what will be the balance in the Jay Travis, Capital account?
Total revenues $128,000
Total expenses 61,500
Jay Travis, Capital 75,000
Jay Travis, Withdrawals 16,500
1. $66,500.
2. $75,000.
3. $125,000.
4. $141,500.
5. $281,000.

7.A company normally sells its product for $30 per unit. However, the selling price has fallen to $25 per unit. This company’s current inventory consists of 100 units purchased at $26 per unit. Replacement cost has now fallen to $23 per unit. Calculate the value of this company’s inventory at the lower of cost or market.
1. $2,500.
2. $2,400.
3. $2,600.
4. $2,250.
5. $2,300.

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10.A company purchased $4,400 worth of merchandise. Transportation costs were an additional $400. The company later returned $325 worth of merchandise and paid the invoice within the 1% cash discount period. The total amount paid for this merchandise is:
a. $4,431.00.
b. $4434.25.
c. $4,075.00.
d. $4,475.00.
e. $4,356.00.

12.Thelma Company reported cost of goods sold for Year 1 and Year 2 as follows:
Year 1Year 2
Beginning inventory$ 123,000 $ 130,600
Cost of goods purchased 250,600 278,000
Cost of goods available for sale 373,600 408,600
Ending inventory 130,600 135,600
Cost of goods sold$ 243,000 $ 273,000
Thelma Company made two errors: 1) ending inventory at the end of Year 1 was understated by $15,600 and 2) ending inventory at the end of Year 2 was overstated by $6,600. Given this information, the correct cost of goods sold figure for Year 2 would be:
a. $288,600
b. $279,600
c. $252,000
d. $266,400
e. $295,200

15.The following information is available for Holland Company at December 31:
Money market fund balance$ 2,920
Certificate of deposit maturing June 30 of next year$ 16,300
Postdated checks from customers$ 1,800
Cash in bank account$ 23,731
NSF checks from customers returned by bank$ 780
Cash in petty cash fund $ 330
Inventory of postage stamps $ 31
U.S. Treasury bill purchased on December 15 and maturing
on February 28 of following year
$ 11,300
Based on this information, Holland Company should report Cash and Cash Equivalents on December 31 of:
a. $38,281
b. $40,861
c. $43,312
d. $54,581
e. $39,301